president president obama said that automatic spending cuts scheduled to begin march 1st will hurt their economies. the governors were in for a national governor's association meeting this weekend. the president has proposed averting $85 billion in cuts this year. republicans opposed further increases in tax revenue, unless it's used to lower tax rates. that's your money watch. for more, go to cbsmoneywatch.com. in new york, i'm alexis christoforous. >>> the red carpet is out. and crews are hard at work, setting the stage for the 85th annual academy awards. bigad shaban reports from hollywood. with predictions from a film critic, who has covered the oscar for 25 years. >> reporter: it's she time for -- show time for crews outside of hollywood's dolby theater. and catherine key from naples, florida, says she's been waiting to catch a glimpse, her entire life. >> it's just amazing. i mean, until you're actually here, you don't really -- you just don't know what it's like. >> reporter: los angeles times writer, glen whip, has covered the oscars for 25 years. and says argo is this year's movie to beat